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don't if it breaks the pledge or not but i am opposed to the tax rate increase because i think it hurts the economy and i think most economists that i respect believe that but throughout my career i v gone to the floor time after time on the appropriations bills and the farm bills that have the important earmarks, the terrible and egregious subsidies which i have opposed all along and i am sure grower has been well aware of that. >>neil: he has in conversations, he has said that but what concerns him is that republicans seem to be running around with the tail between their leg after the election and acquiescing on revenues and letting the democrats stream roll them and he says they will pay in two years. do you feel threatened? >>guest: will, republicans have to be for some things and we need to be for things and for spending cuts. we need to be for entitlement reform. that has to be done if we are ever going to be serious about this debt issue, i don't think we should disrespect grover norquist any more than i believe we should disrespect the heritage foundation or any others.
. the prize is aahalf billion dollars, how do you feel about paying a 50% tax the moment you buy the ticket and if you win giving another third to the feds. still want to stand in line, your odds 1 in 175 million. the president or should we say campaigner in chief, he'll be on the road and the union campaigns, and the message no entitlement reform in any fiscal cliff deal. and more, ollie north on record gun sales, mike reagan on california and isaacs on warren buffett. here we go. "varney & company" is about to begin. looking for a better place to put your cash? here's one you may not he thght of -- fidelity. now you don't have to go a bank get the things you want from a bank, like no-fee atms all over the world. free checkwriting and mobile deposits. now depositing a check is easy as taking a picture. free online bill payments. a highly acclaimed credit card with 2% cash back into your fidelity account. open a fidelity cash management account day and discover another reason >> wednesday, november 28th a bombshell report from forbes this morning, 11 states are in a death spiral. don't bu
deductions could be a bigger tax hike than raising rates, we do the mag you decide, i am neil cavuto, to hear some democrats whisper, and giggle they have the grand old party in a grand old head fake, making republicans think not getting tax rate hike on the rich say win when the deal to get that winning end up socking the rich more, a figure i'm hearing bandied about $50,000. that is the likely cap that republicans will agree to for things like mortgage interests, and chair it able deducts, see z as many in 250 grand and overcrowd write-off hundreds of thousands of dollars that means hundreds of thousands of dollars more subject to taxes. if you limit it to 50 grand, a lot of them are looking at a real federal tax rate closure to 45% than 39.6% they are fearing now. no wonder some democrats are laughing all the way. should they be? in the name of avoiding a rate hike, are republicans about to come up with an alternative that proves a bigger tax hike? let's ask. rich edison. sabrina schaefer, and dan mitchell, rich, i have not even got into investor related taxes that goes up, medicare surcha
, president obama wants more in the $1.5 trillion in tax hikes, but he has no plan -- or announced cuts in spending, why those tax hikes don't add up to anything meaningful and we'll talk with the ceo of cke restaurants, andy puzder and says, tax rates will stifle economic growth and our favorite doctors are here, to psychoanalyze the scandal that brought down the head of the cia. we are delighted to be joined, now, by the admiral james lyons, retired commander of the u.s. pacific fleet. it is always good to have you with us. thanks for being here. >> nice to be back with you, lou. >> lou: let's turn, to first, the talking pois. which, it seems that no one after general petraeus made it clear there had been changes in those talking points, the testimony before congress s been surveyed, and congressman mike rogers, the chair of the house intelligence committee, said, it has to be the white house, because everybody else has testified that they didn't. do you agree? >> i agree. and, in that deputy's committee i'm hurry the white house representative and the national securityfrom the nation
, but the evidence is mounting. the president pushing tax checks on those making over 50,000. all that promise, the second meeting between president and congressional leaders is an even scheduled yet. senate majority leader harry reid refusing to put cuts on the table and saying it is republicans who are holding up negotiations should we expect to go right over the ciff? let's start by taling about whether it is impoible to get some kind of thoroughgoing resolution of this issue. >> at think it is, but we have to be working on a full-time. the president needs to be here talking to members of congress and working out a big deal, meaning tax reform, and panama reform, and other spending control. is is what the american people want. gerri: let's talk about what the president is doing. meetg with sma bsiness owners, tomorrow middle-class families. friday leaving tanning going to nnsylvania to visit a small company. what do you think about that? saying he should be focused full-time. this kind of schedule would seem to indicate his schedule is elsewhere. >> meeting with members of congress, of the
will also be here fred also, president obama has no plan to announce tax cuts and spending cuts. why they don't add up to anything meaningful. lou: the testimony before congress has been surveyed. congressman mike rogers. everyone else has testified that they didn't. do you agree? >> i do agree. and the deputies committee, i'm sure the white house representatives of national security from the national security agency council had their orders. lou: general david petraeus says for his part, one of the confusing things -- confusion between the testimony he gave to congress three days after september 11 and what he said over the past few days in congress, it represents what happens when you try to avoid tipping off terrorists. do you buy that? >> according to congressman king, it indicates that betray d petraeus deadlock. lou: is appropriate for a military man to take upon himself or herself for the good of the country and misrepresent reality united states congress. >> certainly based on what congressman king has reported in the open press something of the like. lou: specifically, it me
a sharp left. launching an ad campaign telling both parties to raise taxe and don't dare budge on those entitlement cuts. former new york mayor rudy guiliani says the ush to the left just isn't right. mr. mayer, a lot of money, a lot of mone at stake. you know all the people involved, all of the groups are going to come out. >> critical straitening out of the fiscal disaster, dealing with expenditures. where the republicans have to give on revenues, they only have to give on revenues if you get really good cuts in expenditures this is a terrible message. maybe good for the unions, but it is bad for the country and our children because of this does is increase the debt under which they are operating and which is already getting close to historic. tom: the thing about all this, it seems like we are getting into a semantic battle because i was reading through the statement said the union leaders , spending a lot of money advertising, especially to republican congressional folks. >> right. right. tom: raise taxes. it think they have somebody, but the semantics are the speaker is echoing mit
. >> they voted for government that works. >> we don't understand why raising tax rates is the solution. >> can party leaders get a deal? >> impossible. >> all this talk about taxing the rich is nonsense. >> grover norquist. >> you speak of grover norquist. >> he's an entertaining warrior. >> pledge mentality is really on the run right now. >> speaker boehner clearly wants a deal. >> he can't have one arm tied behind his back. >> the top 1%, only 42% of the wealth. >> 48.5 million people lived below the poverty level. >> we should ask the wealthy to start paying their fair share. >> the american sense of fairness, no one should pay more than 25%. >> today's republican party has imploded. >> they are in denial. >> they are looking for someone to blame. >> grover is no longer speaking for the party. >> they may not be willing to just die on this hill anymore. >>> good evening. i'm ezra cline in for lawrence o'donnell. the craziest thing is happening in washington right now. you've probably heard of the fiscal cliff or as lawrence likes to call it, the fiscal curve or as my friend calls t the aust
the issues of tax hikes and spending cuts that go into affect the first of the year. as the markets were falling in the first hour of trading this morning, house speaker john maynard stood up and offered support to investors and leaders for the market. stocks stabilized and then began climbing on the speaker's expression of optimism that a deal is within reach. we will take all of that up and more here tonight with bedford open geyser ceo harvey eisen and republicans who have put tax revenue on the negotiating table , and some republicans have flat out repudiated their anti-tax increase pledge. the author of that pledge, grover norquist, here and we will ask him how it is that he came to be the villain in this piece, how it feels to be the subject of attacks from both the left and some on the right and what the future holds for those republicans who break their pledges to voters. also tonight, demonstrations for a sixth straight day in egypt. the united nations on statehood for palestinians tomorrow and the president's spokesman says the white house is not concerned with ambassador rice
pass a law that would prevent a tax hike on the first $250,000 of everybody's income. >> the election's over. he won. congratulations. >> if we can get a few house republicans to agree as well -- >> we all agree but we're not going to raise taxes on people that make less than $250,000. we should take them out of this discussion. >> i've got a pen. i'm ready to sign it. >> he's got the republicans on the ropes and they know it. >> obama's answer to this budget crisis is to raise taxes on the wealthy just because he ran on that promise. and won the election. >> the president really wants to reach an agreement, he needs to be talking with the members of his own party right here in washington. >> it's too important for washington to screw this up. we really need to get this right. ♪ how do you like me now ♪ ♪ how do you like me now ♪ >> good afternoon, it is difficult to hold down the excitement here in new york. it is a growing frenzy that everyone's talking about. there are fantasies of celebration, if the numbers go their way. there are teams pooling resources.
morning, everyone, several leading republicans say they will put more tax revenue on the table. that's a shift. warren buffett says raise tax rates on incomes over a half million dollars, that's a shift. but the president and democrats are not moving and they still say raise tax rates on the rich. on-line shopping, a very big winner and very big for retailers. 13% better than last year overall. today, on-line sales may run close to 2 billion dollars. will it last through the holidays? we've got another north african economy in absolute chaos. egypt torn by rioting after morsi takes dictatorial powers. they really need our money now. watch out, everybody, "varney & company" is about to begin. get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement peopl who are paid on sary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket scie
willing to put entitlements and spending on the table. republicans sang they're willing to do tax revenue and that could be or would be the key to any agreement to avoid the fiscal cliff and get the country's books back in order. gerri: you will be covering this for a long time. thanks for that. this black friday wal-mart shoppers think protests, it is not a superstore workers on the picket line. jeff flock joins us with more. jeff: a few of them but the majority were not wal-mart workers but members of other unions like the teamsters, the uaw, it was built today as a demonstration against the notion of working on thursday on thanksgiving. the day before black friday. but the protest when it came down to it wasn't so much about that. was against walmart's practice of paying minimum-wage, not giving workers enough money in their view and about work rules. that is what the actual protests came down to. it was organized by organization called our walmart, the shadow union for the non-union walmart and well-organized by united food andommercial workers union which is trying to organize at wal
spending cuts and tax increases that will take place if lawmakers fail to reach a deal before the end of this year. since president obama's reelection, democrats and republicans have staked out their positions on how to resolve this potential crisis. the president wants higher taxes on the rich, specically over one half trillion over the next decade. >> what i'm concerned about is not finding ourselves in a situation where the wealthy are not pay more or are paying as much as they should. middle-class families making a difference. lou: house speaker john baena says new revenue should be raised through tax reform, not raising taxes. >> we have talked about this for every year. you can lose all kinds of limitation in doubt. the specifics at this point, would not be conducive to try to come to agree with the white house. lou: who blinks first? we take all that up here tonight. how can the republican party broened its base follong governor romney's defeat? we will be talking with the author of the best-selling book the amateur and former senior staff member an president george w. bush adm
. they haven't actually voted for a tax increase. we could ask president bush how his second term went after he broke his pledge. did he damage the pledge or by breaking his pledge, he lost a second term for the presidency. >> and this morning, even fox and friends were getting all philosophical about till death do us part pledges. >> i think you get into really difficult situations in relationships in general when you make people sign on the dotted line and then you crucify them if they decide to change their line. i'll bring it back to marriage. marriages don't work when one or both parties stand on both sides of the fence and say i'm not budging. then you get divorced. that's what happens. >> crystal, let me explain this being dumped thing to you because i know you've never -- >> it's happened once or twice. >> stop. you lost an election, so you have some sensation of what grover is going through. >> poor guy. i feel for him. it is remarkable because he's had this pledge in place since 1986. george h.p. bush violated the pledge, it essentially led to newt gingrich and the contract for americ
.s. debt mounts and tax hikes andrew the corner. guess what? there's plenty of ways to make money, even in an obama economy. we have all the information you need to rake it in, even when they say it's not, it's always about money. ♪ >> starting off, oil and energy, hosting money from houston, i sat down for an exclusive one-and-one with the ceo and co-founder of ki in, -- kinder morgan. we focus on the future of the energy business and natural gas. this is what he said. >> we need to have a level playing field. we need to have, in the energy field, for example, we have just tremendous opportunities, particularly in the naral gas area. we got a game changer here. we got a fuel that's cheap, abunda, domestic, plentiful.g we ought to be doing everythingp we canlo to exploit that. melissa: fracking for natural gas?oded >> natural gas in general.e the shale place, which, of course, predicated to fracking, but the opportunities forrtun natural gas, you want to talk abt response to climate change and reducing co2 emissions, thio is the golden key to open the door more than mostenewables will
. >>> what do you do when they're screaming for entitlement reform on the right, demanding more tax revenue on the left and only a very small stretch of common ground? take it to the people. for the next two days the president is at the white house sitting down with small business leaders. tomorrow he will host middle-class americans who say they can't afford to see their taxes go up. >> if you take away the $2200 from my paycheck it will severely impact my family. >> it begins again with this question of fairness. everybody needs to pull their fair share. >> and on friday he'll return to the stump speaking at a manufacturing plant in pennsylvania. the message is clear, president obama's number one priority is ensure that tax cuts for middle-class families are preserved and tax rates for the wealthy expire. according to warren buffet that idea is already being accepted across the country. >> there's a general feeling among the general public and congress, that the rich like me have been getting away with low tax rates and time to make the tax rates more progressive. >> while the president s
to sign a pledge from somebody else. >> what they're talking about again is tax revenue and the house speaker has talked about it. mitt romney campaigned on it. >> lowering deductions and closing loopholes. >> eliminate or limit rather deductions and credits and exemptions. cutting out the exemptions and loopholes. >> grow this economy and engage in tax reform. >> simplify the code. >> ywhen you get divorced, thats what happens. ♪ >> welcome back after the thanksgiving holiday and all eyes are on the fast approaching fiscal cliff with republicans possibly maybe looking to make a deal. with the deadline now just 36 days away, some top republicans suggest they could, shock, horror, break with their sacred pledge to grover norquist. >> i'm not obligated on the pledge i made tennesseans aware is just elected that the only thing i'm honoring is the oath that i take when i serve when i'm sworn in this january. >> there's a lot that has been said about this pledge, and i will tell you when i go to the constituents that have elected -- re-elected me, it is not about that pledge. it really i
more important for these small businesses are the tax hikes and the tax increases that they are facing come the end of the year. a tax increase for top net income earners, from 35 to 39.6% in 2013. for all intents and purposes that involves small business owners? >> it's a lot of them. there is a fight going on. the left saying it will not affect small business too much. the right is saying it will. there is a lot of politics going on. my only question is how taking money out of anybody to put into washington, d.c. which is has been very ineffective with our capital is going to help -- i don't get it. somebody runs a small business and make a few hundred thousand a year to tell them you are going to pay $15-20,000 a year plus obamacare, i on don't think that is good news. i wish they had a better idea. elections have consequences. i gather taxes are going up. >> heather: according to ernest & young they are projecting that that tax rate will kill 710,000 small business jobs. people, individuals support businesses help that? >> yes, it's going to help. look, there is a reality. dollars
at this point. >> but when you look at those, they all have some come by neigh of spending cuts and tax increases. the idea is that over a period of time, you basically put the country in a better path, the government in a better path to spending and taxation. what you don't want is the fiscal cliff because that was designed to be something that nobody liked. and the reason is, yes, you've reduced the deficit from about 7% of gdp down to about 4% of gdp, so you move in the right direction really dramatically, but you do it in a way that nobody was happy with exactly where those cuts come from and exactly how the taxes increase. >> with what you're seeing, and we never know, it's almost like a mating dance where you've got the male and a feel of some species -- >> it's an ugly one. >> looks like they're never going to do it. they get closer and closer. >> but there is a lot of -- they back off and they might even look like they're fighting. but do they eventually, you know, do it? >> well, i think certainly everybody hopes so. because it would be better than if they don't. >> that didn't
is that revenue going to come from? >> increasing tax rates is going to harm economic growth. >> warren buffett was out this morning talking about tacking the wealthy. >> time to make the tax rates more progressive. >> that's just silly. >> grover norquist, he wanted ground government in the bathtub. i hope he slips in there with it. >> medicaid, social security. >> this is not part of the conversation. we're not going to raid social security. just another fight in washington. >> there's going to be blood and hair and eyeballs all over the floor. >> i'm more positive than most. >> if not, we go off the supposed cliff. >> the fiscal cliff or slope. the bump of various height. >>> thelma and louise might need to make room in the car for the president of the united states. at the white house today, senior obama administration officials met with liberal leaders and union officials. "the washington post" reports that one told him after the meeting, quote, would the white house go off the cliff if it's between that and compromising their core principles? i was left with the impression that they would
the company private. the stock is down almost 60%. make no mistake, higher taxes are coming but the patriotic millionaires are ok with paying more taxes. last week on "varney and company" we confronted one of those millionaires. keith fitzgerald is after the break. we get his reaction to this. >> did you inherit wealth? >> yes i have inherited wealth but i have also made money on my own. stuart: when you inherited wealth. what about the rest of us who were strivers? [talking over each other] want to try to crack it? yeah, that's the way to do it! now we need a little bit more... [ male announcer ] at humana, we understand the value of qualittime and personal attention. which is why we are proud to partner wi health care professionals who understand the difference that ality time with our members can make... that's a very nice cake! ohh! [ giggles ] [ male announcer ] humana thanks the physicians, nurses, hospitals, pharmacists and other health professionals who helped us achieve the highest average star rating among national medicare companies... and become the first and only national medicar
and tax hikes. well, now the white house releasing a new report building its case for a middle class tax cut. this comes as a national poll finds that 2/3 of americans surveyed believe politicians will act like spoiled children during fiscal cliff negotiations. while only 28% believe lawmakers can be counted on to behave like responsible adults. chief white house correspondent ed henry has the joy of living and reporting amongst the children. i'm not sure what that makes you but you are a chief white house correspondent so what is the latest? >> reporter: there is a still a little kid in all of us, jenna. the bottom line the negotiations are obviously reefing a critical stage. white house is trading to take advantage of cyber monday, retail holiday today to put out the report you mentioned to suggest retailers will take a particular hit if they face these automatic tax increases and spending cuts that will be kicking in at the end of the year if there is no action by the white house and lawmakers on capitol hill working together. bottom line here, republicans like jeff sessions, the budg
are focusing this coming week on negotiating a deal on those expiring tax cuts and spending reductions that will automatically kick in december 31st, at midnight. so will we see more face-to-face meetings and what do both sides need to do? let's talk with angela mcglowan, and mark hammond a former aid to john kerry and nice to see you both. i predict more face-to-face meetings and i think they'll get together, kind of like holiday dinners, you see a lot of people you might not choose to see, but you have to see them, right. >> you have to see them and you might not want to see them again for another year, but, he yes, rick, they have to come to the table again and again and again until we reach a deal. if we go off the fiscal cliff, it's predicted that we will get another recession, now they're saying if we go off the fiscal cliff it only impact certain americans with taxes increasing and it will affect our country and economy. and we need face-to-face meetings and i don't think that obamacare should be on the table. >> you do not think that obamacare should be on the table. >> no. >>
will ruin christmas. >> what they're talking about is raising revenues and not tax rates. >> republicans have stepped out of our comfort zone. >> there are very few republicans who have any clear sense of what they want. >> republicans should look forward to a 2014 wipeout. >> bottom line, would raising taxes on the wealthiest americans have a chilling effect on hiring in this country? >> no. >> the republican party has not developed an alternative idea set other than what mitt romney and paul ryan were campaigning on. ♪ america, america >> are we going to continue to making our case? >> i will say this, i can never, ever find my car in a garage. ♪ i'm going off the rails on a crazy train ♪ ♪ i'm going off the rails on a crazy train ♪ >> with frantic and frenetic behind-the-scenes negotiations as both sides work against the clock trying to reach an agreement on the fiscal cliff that is fast approaching. the president is trying to ramp up public pressure on congress to accept his ideas for debt reduction in. in the coming days he meets with small business owners, middle class ta
wants to raise taxes on the wealthy for instance. is that going to solve the problem, get rid of the bush tax cuts? >> that is not going to solve the problem because we have to remember first of all, there is no such thing as a tax increase that affects only the wealthy. ernst & young predicted we'll lose 700,000 jobs even if we raise taxes only on top two rate brackets. 700,000 jobs. those are not ceo jobs. those are not top one percenters. those are people living paycheck to paycheck. bottom line we can't go back to the american people again and again expect to call that a fair deal when we continue to demand more money of them but we're not willing to change the way we spend money in washington. jon: senator mike lee is a republican of utah. some sobering thoughts there, senator. thanks for sharing them. >> thank you. jenna: we have some brand new developments in the political turmoil raging in egypt today as the country's two highest appeals courts suspend work to protest president morsi's latest move. now that latest move is his decision as president to make anything that
is rich's the $230,000 for a tough pill to swallow for new tax hikes. so now it will buy even make dead-end. what does lou dobbs think? melissa: corporate america racing to get ahead of the cliff with wall street funds to help your wallet. melissa: time for stocks ahead to the floor of the new york stock exchange with nicole petallides confidence hitting the post recession peak but traders are not buying it? >> >> of its numbers result of the market moved higher the dow moving into the green but now was sells off continuing the trend. we're doing much of the same we're under pressure with dow jones industrial average but also of the nasdaq has some of perot's. the confidence numbers of the highest levels since february 2008 also case-schiller shows the total order for durable goods is unchanged. we have a deal on wall street and some upgrades so there are bits and pieces and many are rushing to get ahead of the fiscal cliff. lori: with the potential tax increase with dividends companies to try to get a job and are paying dividends early before jittery first. joined the is seen him from
to get the majority of a majority on tax issues. he's not going to get a majority of majority on debt raising. >> much harder on the debt ceiling than taxes. >> that's what i'm saying. i refuse to vote to raise a debt ceiling when they were trying to raise it to $5 trillion. it's something you don't do unless you get a lot of cuts on the other side. >> and it's not a game. because if you don't raise it, we saw what happened last time, you can get your debt downgraded and has real economic consequenc consequences. and that's why when people think about the fiscal cliff, we all assume that sane minds will prevail and they'll come up with some deal. there's no guarantee that sane minds will prevail. and recent history would suggest that sanity almost never prevails in washington. so you can assume it's going to be more difficult than we think. you can assume that the bush tax cuts might all go away for a short period of time. and you cannot assume they just raise the debt limit. you cannot make that assumption. >> are the president's men and women -- are they under -- are they making the
to usual his party to strike a deal. right now, get this done. keeping the bush tax cults for 98% of americans, give up on keeping tax cuts low for the wealthy, 2%. take a listen to what cole on capitol hill had to say moments ago. >> in my view, we all agree that we're not going to raise taxes on people who make less than $250,000. we should take them out of this discussion right now and continue to fight against any rate increase, continue to try to work honestly for a much bigger deal. >> has the tipping point been reached, sir? is the compromise in front of us right now because so many republicans are willing to talk act revenue? >> well, look. tom cole, who is a friend of mine, was the former chairman of the republican congressional campaign committee. i am the current chairman of the democratic congressional campaign committee. anytime you can get the former republican congressional campaign committee chair and the current democratic congressional committee democratic chair to agree on something, do it, pass it. tom cole is right. this is why people are frustrated with wash
worth of automatic spending cuts and bush tax rates that expire the same second, at stroke of midnight january 1, 2013. with the biggest names in the business community, in the political community, we tried, again and again, to come close to the crisis that could have been avoided at 39 days out remains a chasm. hear their woes, their worries, about being on the brink. fiscal cliff? or fiscal free for all? we are staring at this abyss. no one is even touching it. >> what is amazing to me this is the most predictable financial crisis ever in the history of this country. i suspect we are thought going to anticipate a recession, you will see a recession. >> we should be very careful not to go over the cliff because we will have a negative affect on this economy and on employment. >>neil: an idea of how much is at stake and who pays for this, i am telling you at this rate, everyone will pay. every single american family will pay. >> this has implications for every american family, 90 percent of families in america will pay higher taxes, and a reduction in income of $3,500 per american fami
been. our projected deficit has driven by the wars and the bush tax cuts. entitlement programs don't even compete with these costs. plouffe went on to pin the problem largely on republicans who are not flexible, but he also said this. >> where the big bottleneck is republicans in congress around revenue and how much and where does it come from, democrats are going to have to step up and do some tough things. and the notion that somehow that these deficits and our debt are not a threat to our national security on our economic future is something i cannot disagree with more strongly. there are some commentators on the left that suggest that. that we shouldn't deal with that at all. >> voices on the left are not saying the deficit is not a problem for our future. progressives understand we need to deal with our debt, but progressives don't want to see the burden of deficit reduction put on the backs of the people who can least afford it. the president campaigned on this vision. at least i think he did. but it also seems like the white house is still considering another grand bargain.
, that is the tax increase that is coming five weeks from tonight. we asked our research department to add it all up for us. for a household earning $20,000 to $40,000 it would mean a tax increase of $1,200. an income of $40,000 to $64,000 would see an increase of $2,000 and an income of $64,000 to $109,000, would see an increase of $3,500. again, that will happen at the first of the year unless the president and congress agree on another way to fix the federal budget. what are the prospects of that? congressional correspondent nancy cordes is on capitol hill for us tonight. nancy? >> reporter: scott, both parties returned to capitol hill from thanksgiving loudly proclaiming their willingness to compromise but refusing to back it up with much specifics. top senate aides tell me that's because these negotiations are really taking place between just two people: house speaker john boehner and the president. boehner and the president spoke by phone on saturday, agreeing not to share details. but senate republican leader mitch mcconnell said today the g.o.p. wants the president to make the first move and
up 800 billion in new revenue and overhaul the tax system and changes to medicare and that's why the republicans are asking the democrats to come in and explain your deal. this plan was hatched in 2010 and everyone walked away from it and now they call bowles back up? it is late. this is what the american people are upset about. nothing gets done. >> steve: we are a month from the cliff. >> gretchen: we could have avoided the cliff if they used the plan as a starting point. americans are upset nothing gets done. >> brian: norquist is the bad guy. you should walk away from grover norquest. he said you have enough money on capitol hill and stop asking us . he's been a watch dog on our money so whether you are democrat or republican you should salute him. he warned you in the past that people who walked away from the no new taxes paid a price. >> remember the gang of 6. three of the people that you mentioned spent eight months in the room with democrats, pretending to negotiate tax increases for entitlement reform . after a while coburn had to admit they were offered nothing but tax
change tax, here it comes, the u... holds a meeting, america is the bad guy. they want our money. third, research in motion, the blackberry company we put that stock on death watch. wrong move. the stock has gone straight up. you never know what you're going to get on "varney & company," but it will be interesting. here we go. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all ght. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. >> with all of that talk on "varney & company" about gun sales going up if president obama he gets reelected. here is the proof, it's happening. it's a busy friday for the fbi, it fielded 154,873 background checks from gun dealers for perspective buyers, that's just in one day. it's a 20% increase over the previous record set last year on black friday. and by the way, 62% of those applications were the so-called long guns, rifles, shotguns, people are afra
spending cuts and expiring tax breaks just into fox, the white house spokesman, jake carney, reports president obama spoke with the house speaker boehner and the senate majority leader harry reid over the weekend. still, concerns of the crisis and the european debt crisis sent stocks down but not precipitously but down. we are seeing signs of progress in washington, dc, with rare bipartisan consensus on raising taxes on the wealthy but they remain at odds over the specifics. in other words, exactly highway do you do it. and mike emanuel is live on capitol hill. the white house is expressing putting pressure on congress. >>reporter: a report on the impact if the bush tax cuts are not extended. the study says the typical middle class family will see taxes go up by $2,200 next year affecting businesses and retailers. the argument is the families will spend less and it will hurt the economy. >> you can see it across housing, and services, and things like paying for cell phone, groceries, durable goods, auto purchases. evidence like this is a reason why retailers are so concerned that con
. melissa: here is what is "money" tonight. warren buffett's plans tax hike critics claiming that higher rates would not put a freeze on investing. is the oracle of omaha having of false prophecy? 220 men join us with the reaction. egyptian president makes a power grab that could make a feral blush. violent protests break out. will they bring mideast turmoil to new heights? one of the reasons top experts. getting a pink slip for not getting a flu shot. one employer fires all workers refusing to get the flu vaccine. is it legal? could more businesses follow suit? if even when they say it's not, it's always about "money." ♪ melissa: first, let's take a look at the day's market headlines. fiscal cliff years made a comeback and strong retail sales are not enough to offset the concern. the dow closed down 42 points. facebook shares some other best in four months. two formerly bearish analysts upgrade their outlook citing increasing revenue from mobile ads. and as our own charlie gasparino first reported, mary schapiro stepping down as chairman of the sec. officially leave office on december
of is that taxes on middle class families don't go up. >> why not ask millionaires and billionaires to pay more? >> republicans essentially say, hey, why don't we just cap deductions? what's better? >> you make it clear if someone breaks the pledge you'll do whatever can you to get rid of them. >> to educate the voters that they raise taxes. again, we educate people -- >> to get rid of them. >> it won't kill the country if we raise taxes a little bit on millionaires. >> even somebody worth $200 million. that first $250,000 they're still paying lower taxes. >> my colleagues on the other side of the aisle still recovering from november 6th, the election is over. >> presidential election, your prediction was wrong. >> big time. >> people are open on entitlement reform in a way they haven't been in the past. >> my analysis based on fact, not emotion. >> oh, my -- >> oh, wow. >> things people are saying about the election that are not true, but it makes them feel better to say it anyway. >> we start on a very important day that the world can be thankful for. a cease-fire in the middle east. secretar
, but the responsibility to pay for it and not defer to our tax base. >> isn't there a risk if the federal government runs the entire show you guys will be cut out totally and basically, you'll have even less room for maneuver, your companies in the state, your providers in the state will really have to march entirely to washington's dictates? >> well, there is, and there's that risk, but the reality is, we looked at this. in fact, we looked at it laterally two years ago, december of 2010 after the election, i and a bunch of other governors in both parties went to the white house, and the executive office building with the secretary and others and talked about flexibility then. the reality is the flexibility was limited mainly not to things like how many staff and the state do you have? do you have a handful like utah or hundreds like massachusetts, in terms of regulation of what has to be included and how it's governed in your state, those things are essentially dictated through the federal government, and for all the talk about flexibility, it really doesn't happen. i've got to tell you though as a gove
hard look at the whole country. my taxes went up 39% and came down 49%. how can anyby get excited about that when u're like god. so somehow we have to get strategic leadership that says that we need to get this engine and the economy pumping again. neil: do you think, and this i mentioned by mitt romney lot. you know that you are going to do things differently? dubai that? >> everybody talks about reducing taxes because they want more capital to grow their business. but it's also regulations. businesses are confronted at the township and city level. >> here in chicago, you need 161 licenses to open up the business. >> if you open up a job shop, you have to have a license to give them a bath. it's ridiculous. why can't we consolidate some of these things and reduce the reauacy? it isn't about the people collecting anything but a paycheck. neil: they mt realize that the more they push this, the more it it endangers the economy and theirery jobs are online. >> you would think so, when you? there is a lot of evidence that says those people inside the beltway are living in a bubble. washingt
act together on the fiscal cliff, taxes for the vast americans will go out. 90% of households in this country will pay higher taxes if the u.s. goes off that cliff. with low income families among the hardest hit. connell: charlie wrangle, congressman from new york, he is here in studio with us. >> we have to get a deal done. it would be irresponsible for congress to go forward. most people do not know that the break that they are getting is temporary. it expires december 31. do nothing and the rates automatically go up. what about the severe cuts that we will have in the budget. this is a nightmare that we created that never should have happened. now it is on the brink of happening. in my opinion, will it happen, no. we have the option to do something justice and responsible. that is kicked the whole thing off to next year. believe me, the country is facing such a terrible crisis. dagen: even if they broker a short-term deal, it goes for six months, what about the hope of overall tax reform? isn't that better to get a short-term deal and then do something more sweeping and per
the no taxes pledge created by the president of americans for tax reform, grover norqui norquist, the two most terrifying words a republican can hear, other than buenos diaz. but now some republicans are abandoning the anti-tax pledge as fast as they abandoned -- what's his name? don't help me. don't help me. rip flambe -- no, that's my personal trainer. >> all right. good morning. it's wednesday, november 28th. look at this live look at rockefeller plaza. it is just lit up. gorgeous. >> you know what happens tonight? >> oh, yes, the big tree lighting. >> big commerce -- >> exciting for all the children. >> all right. welcome to "morning joe." >> mike, do you think that's going to whip people into a buying frenzy -- >> it's comcastic. >> a five-year running joke. >> i guess he wasn't paying attention. >> yes. >> national affairs editor for "new york" magazine. john heilemann and andrea mitchell. >> a lot of people say, i'm in trouble. and they've got these little arm bands now, wwjd. what would joe do? so what do i say? you've seen those, wwjd. >> everywhere. >> i say make a mistake, just step
across america. >> bob: they would be sued. but you are taking collective tax money. buhler gets a piece of that. >> eric: what if the town are okay -- >> bob: don't put them together. apples and oranges. >> eric: freedom of religion seek this out when people in the town says we don't want your help. we have don't a problem with manger scene or cross on the seal. jimenez is happening across the country. insidious nature that is disturbing went are putting together the piece so people can decide. >> bob: i'm second to none doing away with manger scenes in public property. ridiculous, makes no sense. but that is different than seal of ra town. >> kimberly: take a walk with me to north carolina? are you up to it? >> bob: yes. >> kimberly: let's discuss it. piedmont college. oh, no, you didn't call them christmas trees. you better call them holiday trees or they're out. bob? >> bob: it's ridiculous. particularly because this group was raising money for children in poverty. >> dana: it's terrible. >> bob: i don't get it. they walked it back because they got bad publicity. this is the thing th
dividend taxes. my nexttguest says don't worry. joining me now in a fox business exclusive, the chief investment strategist. lovely italian name. >> thank you. cheryl: i say this as a casone. you're not worried, you're telling your clients not to worry, but many people are worried. trying to balance their portfolio to get ready for the end of the year. what do you say to them? >> i say we may not know what happens until the end of the year. people have to take some solace seeing historically when taxes go up, what happens to the market, what happens to the dividend stocks, when taxes on dividends decrease. cheryl: we have seen it the day after the election there was a flight away from dividend paying stocks. is there a subgroup that you like that you would like to protect us? >> they're not a lot of places to hide because a lot of the return is driven by dividend paying stocks. i think the way to think about it is what happened the last time the rates went up by dividend stocks. it had been when president clinton came into office. what happened to the market over the next 10 years, re
of spending. it is will lead the issue of revenue. there is going to be more new taxes, absolutely right because when we go to the negotiations, john boehner as usual is starting from a position of weakness. if you're going to start from a position of weakness where you have already given up on the spending side of the equation there's only one alternative, taxes get raised. dave: you mentioned spending. i remember 2009 was the stimulus, $800 billion, you can argue forever about whether it worked out all or not but it wasn't a 1-shot deal. we went up $800 billion and then it stayed. it didn't go away. it was supposed to be a 1-shot deal. that is where the deficit is. it is in at $800 billion stimulus. you are looking for where the deficit comes from some saves medicare and social security. it is that need hundred billion dollars that became permanent. >> absolutely. it did. here is the shocking thing about washington. every year the politicians try out these things like tom coburn trots out his waist book every year. hundreds of billions of dollars in identified waste, waste, fraud, dupl
demands higher taxes. cuban will survive that but little guys get killed. >> one for me, one for the government, one for me. >> he bought a small farm in south carolina. >> how can a farm produce an income that can pay for itself? that is when we decided to go into this business. >> he has events at the farm and sells cattle and produce but he has been held by government. >> i am tired of telling us what to do, how to do business and ask them for permission. you come out and run t damn thing. >> john: what did they do? >> this is just part of the regulations we have to deal with. they go on and on and keep growing. >> government regulations stopped him from caning and selling his crops. >> we couldn't get the kitchen certified in time. >> they forced him to make changes to his buildings, a regulat said. >> you need to put a handwashing sink. what is wrong with the other sink. the sink on its own was not a big deal. it's the little things that keep mass go together to make this big ball before long i can't carry the big ball. >> he learns that bureaucrats keep their jobs by fi
, high dividend payers, tax advantage dividend payers, going to be an incredibly important aspect for investors next year, and the world and the united states wants to be energy independent. the oil and gas, mlps, more of a commodities play. it's a good -- it's a good solid performer. returns 100% the past three years. it will continue about a 4% dividend. david: david, you know, you think the fed will continue to print money no matter what, and a lot of it, and you are in commodity plays. oil, you like marathon oil and kenroy's gold. explain what they do. >> kenross, one of the five or six majors, selling at the largest discount to all the majors out there. there's a ton of reserves, and, basically, they stumbled over the last couple years taking a toll on the stock, but reserves are so good, and they run the business now for cash low. as long as you continue to print money, the inverse of printing money is gold. these are the printing presses for gold. it's a turn around candidate. david: i have to ask about one of the picks, arch coal. there was a runup in coal thinking romney
to the other battle brewing tonight, the clock is still ticking on the fiscal cliff. 35 days, taxes including on the middle class, will rise in america unless congress reaches a deal. abc senior white house correspondent jake tapper tells us the latest on this duel that would affect every single american family. >> reporter: the manufacturers of these angry birds building sets in pennsylvania will later this week be visited by president obama as he makes his case for raising tax rates on wealthier americans as part of a larger deal with congress. and while the president is not trying to provoke anger necessarily, he is trying to drum up passions for his proposal. meeting with small business owners today such as texas crop duster manufacturer, david ikert. >> there was a lot of talk in the room about certainty. small business wants certainty so they can plan, strategically look at how we move forward. >> reporter: and releasing these showing them pleading for their tax cuts to be extended. >> if you take away the $2,200 from my paycheck, it would severely impact my family. >> reporter: while t
specifically, that's a series of tax increases and spending cuts together set to go into effect on new year's day if they cannot agree on a budget before then. president obama and congressional leaders have been talking and possibly to come this week. it's november 26th. they don't have a lot of time. peter doocy with the news from washington. >> harris, republicans and democrats alike think that closing loopholes to raise revenue is a good idea. republicans are resisting the idea that inleasing tax rates on the wealthy will steer the country away from the fiscal cliff even though suspects insist it will. >> i would be very much opposed to raising tax rates, but i believe that we can close a lot of lop holes. >> they have to go up, real or effective tax rates, there are ways of doing this and secondly, we have to gross loopholes. >> lindsey graham is okay with new revenue and willing to cap deductions to get it, but only if democrats agree to reform entitlements like social security and medicare. >> i don't expect the democrats to go for premium ouci do expect them to adjust these entitleme
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